The iconic Italian luxury brand, Valentino, has opened a flagship store in the Jio World Plaza mall in Mumbai.

Launched in collaboration with Reliance Brands, this boutique showcases a curated selection of the brand's coveted womenswear, menswear, and handbags. The store's design echoes Valentino's timeless elegance. It houses a dedicated menswear section that reflects the brand's commitment to crafting sartorial masterpieces, ensuring every detail caters to the discerning gentleman.

The store’s background is painted in black, white, and red hues create a striking
backdrop. Its clear, red, and peach furniture adds a touch of vibrancy, while the central seating area allows customers to relax and contemplate their next purchase in comfort. Geometric, square tiles lend a unique retro touch, completing the store's distinctive aesthetic.

Established in 1960 by Valentino Garavani, Valentino has long been celebrated for its couture and ready-to-wear collections. Renowned for its impeccable tailoring and exquisite use of textiles, the brand continues to captivate hearts with its timeless designs. This Mumbai flagship store is a testament to the brand's dedication to offering a truly unparalleled luxury experience in it.

Encompassing apparel, footwear, beauty, and quick service restaurants (QSRs), India's discretionary retail sector witnessed a sharp slowdown in 2023.

Nuanced data-points

Growth in the segment halved to just 9 per cent compared to the previous two years' pandemic-fueled surge. This reflects weakening consumer sentiment, despite continued spending on high-ticket items like cars and electronics aided by easy loans.

Hardest hit was the budget-conscious value category in apparel and footwear, says a report by the Retailers Association of India (RAI).

Same-store sales growth (SSG) for the organised retail sector stood at a meager 2-3 per cent, indicating an underlying drop in demand for everyday items like clothes, shoes, cosmetics, and fast food.

Study

Based on a survey of top 100 modern retailers, the report highlights that like-for-like’ growth remained muted throughout 2023. Though network expansion fueled some growth, it did not reflect organic customer demand.

The sector was further impacted by price hikes in 2022, driven by cotton price surges and rupee depreciation, followed by steep discounts to clear unsold inventory in 2023. The initial pandemic-driven'revenge shopping’ boom, particularly for athleisure wear, also stabilised.

While premium products fared slightly better, the value category remains significantly below pre-pandemic sales levels, explains Kumar Rajagopalan, CEO, Retailers Association of India (RAI).

Mixed bag

Within segments, the apparel and clothing segment grew slowest at 8 per cent, while furniture, sporting goods, and jewelry grew at 12 per cent, and beauty, electronics, and food and grocery grew by 11 per cent each.

Renowned menswear brands under Aditya Birla Fashion and Retail (ABRL), Louise Philippe and Peter England have opened their first-ever stores in Mauritius.

Launched in collaboration with leading local retailer, Jetha Tulsidas, these stores offer paralleled quality and diverse styles.

Louis Philippe’s flagship store in Tribeca spans 1,668 sq ft. It showcases an extensive collection of formal and semi-formal attire, alongside curated accessories. Blending sophistication with understated luxury, the store serves the perfect destination for the modern man.

The debut store of Peter England spans 1,884 sq ft. Located in Curepipe, the store houses a harmonious blend of classic and modern styles. It offers a wide range of shirts, trousers, denims, occasion wear, and accessories.

Jacob John, President-Premium Brands, ABFRL, says, the company’s collaboration with Jetha Tulsidas reflects their dedication to offering an exceptional shopping experience worldwide.

Dinesh Tulsidas, CEO, Jetha Tulsidas & Sons, adds, the stores will consolidate the company’s position as a leading fashion retailer in Mauritius.

Renowned British fashion retailer, Marks and Spencer (M&S) has unveiled its third store in Jaipur, India. Located in Vaishali Nagar, the new store promises a fresh shopping wav" of the brand's signature style and quality.

The opening of the store marks a significant milestone for M&S in India. Having entered the Indian market in 2001, M&S partnered with Reliance Retail in 2008. It currently boasts over 107 stores across 33 Indian cities.

With a team of over 1,900 employees supporting both offline and online channels, M&S is committed to providing a seamless shopping experience for its Indian customers.

Founded in 1884 in Leeds, England, M&S has a rich history spanning over a century. Today, it operates over 1,064 stores in the UK alone, with hundreds more scattered across the globe. The company employs over 66,000 people worldwide, making it a significant player in the global retail industry.

With the opening of its new store in Jaipur, M&S plans to further strengthen its presence in India and cater to the growing demand for stylish and high-quality fashion.

07 February 2024, Mumbai

Biggest propellor

Leasing space by luxury watch, jewelry, fashion and apparel brands increased to the highest in six years to 600,000 sq ft space in 2023 from 230,000 sq ft in the previous year, amid robust demand in the premium consumer segment.

According to CBRE data, the share of luxury brands in overall leasing surged to 9 per cent in 2023 from 3 percent in 2018. Rising consumer demand for global brands alongwith an increase in their disposal incomes spurred this growth, says
Quotes

Anshuman Magazine, Chairman-India, Southeast Asia, Middle East & Africa, CBRE. "The luxury sector shows a promising trend with the entry and expansion of international brands, he adds.

In July 2023, Canadian lingerie retailer La Vein en Rose launched its first India store in Noida in partnership with Apparel Group India. Since then, the brand has expanded to Pune and Bengaluru.

Outlines

Similarly, German luxury luggage brand, Rimowa, opened its first store in Mumbai in Partnership with Reliance Brands.

Delhi-based Unity Group is opening a bridge-to-luxury mall in the city as demand for space from these brands is growing, says Harsh Bansal, Co-founder.

Other international players expanding in India include French fashion and apparel brand Bugatti Fashion and the American furniture brand West Elm, who are opening their stores in Pune, and American lingerie brand Victoria's Secret which is opening stores in Hyderabad and Pune.

Nuanced data-points

Retail leasing by international brands increased by 47 per cent Y-o-Y to 7.1 million sq ft across eight cities in 2023, notes CBRE. It accounted for almost 25 per cent in 2023 compared to 14 per cent in the previous year.

India’s luxury retail market is expected to $85-90 billion by 2030, as per a Bain & Co report. This growth will mostly be propelled by increasing ultra-high-net-worth individuals, growing entrepreneurship, a strong middle class, greater penetration of e-commerce and demand from Tier-II and Tier-III cities.

Latest Textile Events

The Q3 FY23 net profit of Cantabil Retail India declined by 11 per cent decline to Rs 24 crore ($3 million) as against a net profit of Rs 27 crore in the year ago period.

The company’s revenue for the quarter rose by 7 per cent to Rs 174 crore, as against Rs 162 crore posted in the October-December quarter of the previous fiscal year.

Vijay Bansal, Chairman and Managing Director, says, the company has demonstrated notable resilience in tough conditions. It delivered admirable financial results with a revenue growth of 11 per cent in 9M FY24 despite muted consumer demand and a warmer winter affecting winter sales.

Looking forward, the company remains cautiously optimistic and plans to provide superior value to its consumers by driving competitive volume growth, and investing in brand development. .It anticipates a rebound in discretionary spend with the onset of the wedding season and late winters, propelling the company’s growth trajectory further in the coming quarters..

From April-Dec, 2023, Cantabil Retail India opened 66 stores taking the total tally to 513 stores as of December 31, 2023. It plans to increase its store count to over 700 in next 2-3 years. 

Department store giant Shoppers Stop has opened two new outlets of its value fashion brand ‘Intune; in South India, bringing the total number of stores to 13. Located in Vashi, Maharashtra, and Hyderabad, Telangana, these new stores cater to young families with affordable clothing and accessories starting at just Rs 199.

Launched in June as a trial, Intune has quickly gained traction with its budget-friendly offerings. This expansion follows the initial success of two stores in Hyderabad and one in Mumbai. Shoppers Stop aims to open around 24 Intune outlets by the end of March 2024, solidifying its presence in the value fashion segment.

Founded in 1991, Shoppers Stop boasts a vast network of over 106 department stores, 7 premium home concept stores, and 88 beauty stores across India. With the addition of these new Intune locations, the company further strengthens its retail footprint and caters to a wider range of customer preferences.

Taking the shopping experience to a new level, leading fashion brand Charles & Keith unveiled a new concept store at Ambience Mall, Gurgaon. The store embodies the brand's dedication to offering trendy yet accessible designs while pushing fashion boundaries.

Exuding a sophisticated yet welcoming ambiance, the redesigned store replaces its previous harsh edges with soft curves and clean lines that flow effortlessly throughout. The minimal color scheme is further accentuated with the extensive use of travertine stone laminate and white statuario marble. Powder-coated aluminum fixtures add a touch of modern industrial chic to the store that offers a diverse collection of footwear, bags, and lifestyle accessories.

Coupled with impeccable service, the thoughtfully designed space allows customers to discover the latest trends and find the perfect piece to complement their style.

Charles & Keith’s relocation to Ambience Mall strengthens its presence in Gurgaon. The brand elevates traditional shopping experience by seamlessly blending modern aesthetics with innovative design elements.

Driven by the festive season, V-Mart Retail reported a 41.36 per cent rise in net profit during Q3 2023 performance. The company’s net profit surged to Rs 28.23 crore compared to the same period last year. Its revenue from operations also increased by 14.43 per cent to Rs 889.05 crore.

The company attributed this positive performance to a 23 per cent surge in customer footfall during the festive season. However, a delay in the launch winter collection muted demand, impacting sales in that category.

Despite the muted winter season, V-Mart managed to reduce inventory by 12 per cent compared to the previous quarter. The company’s overall expenses for the quarter increased by 15.18 per cent to Rs 865.20 crore. Its revenue from retail trade stood at Rs 872.04 crore, while revenue from the Limeroad digital marketplace totaled Rs 17.01 crore. The company’s total income during the third quarter ended December 2023 surged by 16 per cent to Rs 902.08 crore.

V-Mart Retail also added 20 new stores during the quarter while closing 3, bringing its total store network to 454.

08 February 2024, Mumbai

Operational retail space in India's top seven cities is expected to rise by 45 per cent from 91 million sq ft to 132 million sq ft by 2028.

As per a new report by JLL Developers are focusing on larger malls which grew by 41 per cent in size in 2023. These malls offer enhanced shopping experiences with entertainment, F&B, and fashion. Large foreign investors are expected to hold 24 per cent of the new supply in the next 5 years.

Interesting data-points

The newly launched first retail REIT paves the way for further acquisitions and portfolio expansion. Led by Bengaluru, Delhi NCR and Mumbai, retail leading surged to 8.7 million sq ft in 2023. Most of this space was occupied by fashion and apparel brands followed by F&B, entertainment and home furnishing.

Around 14 new international brands entered India in 2023, primarily in Mumbai and the F&B sector.

Latest Textile Events

Women’s bottom wear retailer, Go Fashion (India), plans to expand its store network despite a challenging retail environment. The company aims to add 120 stores this year and over 150 in FY25. Additionally, it plans to invest in omnichannel strategies to bridge the gap between online and offline shopping.

In Q3 FY24, Go Fashion (India)’s revenues increased by 15.16 per cent to Rs 202.13 crore. However, the retailer’s net profit dipped by 3.74 per cent due to subdued consumer demand. Yet, the company managed a strong cash flow of Rs 104 crore and reduced inventory significantly, indicating operational efficiency and adaptability in a tough market.

Go Fashion remains committed to growth through expansion and omnichannel strategies, navigating the current slowdown with a focus on improving customer experience and financial health. The company retails under the brand Go Colors in India.